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It would probably be true to say that globalization is represented by the opening up of markets in large
measure, to foreign direct investment consequent ,upon the lowering of investment barriers in practically
all countries; by the liberalization of trade, and by the deregulation of financial markets in consequence of
which governments increasingly have little control over the flow of capital across borders. All this implies
the dominance of the market system, facilitated by the collapse of alternative economic (and in many
cases political) systems. There is also a direct link between globalization and information technology (IT).
Rapid technological change and reduction in communication costs have facilitated the globalization of
production and financial markets. At the same time globalization stimulates technology through increased
competition; it diffuses technology through foreign direct investment. As aptly observed:
The impact globalization and information technology have had on each other has made work more
mobile, capable of being performed in different parts of the world without the need to actually set up
physical facilities in other countries.
Other changes in the nature of work and workers are being brought about partly by globalization, but not
entirely because of it. For instance, it is arguable whether globalization is solely responsible for the
growing service sector, and it does not account for the rapid influx of women into the workforce. Be that
as it may, some of the changes which have a fundamental impact on traditional IR include the following:
the expanding service sector at the expense of the manufacturing sector in industrialized and rapidly
industrializing countries
more advanced and skilled workforces
The rapid influx into the workforce of women who will, in some countries, occupy more than half the
emerging jobs
an increasing number of people who will not be working in an organization, though they will be working for
an organization
The decreasing number of people working under 'permanent' contracts of employment, and the
proliferation of other types of work arrangements such as part-time and temporary work, home work and
contract work. Thus traditional HR has been challenged to accommodate different types of employment
contracts, and different types of pay systems to reward performance and skills..Now HR is being seen as
a business partner and hence a very critical function ..
In my opinion the qualities that a Human Resource Manager should have to become the best are :